AMLC: Total frozen assets in flood control mess probe hit P5.2 billion

The total amount of frozen assets linked to individuals and companies under probe in relation to the flood control projects corruption scandal has breached P5 billion, according to the Anti-Money Laundering Council (AMLC).

“I can give you an update regarding the total value of frozen funds and personal and real properties, right now as of this morning it stands at P5.2 billion and we're still waiting for the submission of other bank [accounts] and valuation of other properties that were frozen by the six freeze orders,” AMLC Executive Director Matthew David said, in a mix of English and Filipino, at a briefing following a memorandum of agreement signing between the AMLC and the Department of Public Works and Highways (DPWH) in Manila on Thursday.

Early this month, the AMLC secured its sixth freeze order from the Court of Appeals on the assets of those involved in the alleged anomalies in flood control projects.

David declined to divulge the individuals or firms covered by the freeze orders.

However, the AMLC chief said, “Included here are some former DPWH officials, contractors, and their cohorts in relation to the corruption regarding the flood control projects.”

To date, the appellate court has already frozen 1,671 bank accounts, 58 insurance policies, 163 motor vehicles, 99 real properties, and 12 e-wallet accounts.

Meanwhile, AMLC’s David and Public Works Secretary Vince Dizon signed a memorandum of agreement to institutionalize the information-sharing and collaboration between the two agencies in investigating and addressing money laundering and related financial crimes.

Under the agreement, the AMLC may enlist the DPWH's support in detecting and investigating offenses under the Anti-Money Laundering Act (AMLA) while the DPWH may request financial information from the AMLC in connection with violations within its mandate that may constitute unlawful activities under the AMLA.

“We are signing a long-term memorandum of agreement with the AMLC to have easier coordination in order to simplify processes and to swiftly act on similar situations,” Dizon said.

“To date, I think there are about 2,000 frozen assets since we started with the filing of first with the Ombudsman… More assets are going to get frozen as we file more cases in the next few days with the ICI (Independent Commission for Infrastructure) and the Ombudsman,” the DPWH chief said. — RSJ, GMA Integrated News